Is it possible to refinance just one of my two loans for my house?
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I just want to refinance one of the loans for $62,000 which has a 14% intrest rate and is a negative amoritization ARM loan. My other loan is for $248,000 and is a negative amortization ARM with 7.5% ARM intrest.(yeah, I got lied to and really screwed over) I would like to refinance that too, but then I would be upsidedown. Would it be possible to do the one loan, and how much would it probably be per month?
Is it possible to refinance just one of my two loans for my house?Honey you sound like you need help fast or you may lose your home. I would suggest you contact the a different loan company to see how they might be able to help you. Don't wait! It's possible that an appraisal could show you wouldn't be upside down to refinance both loans. But I'm not loan officer. Please do this soon.
Is it possible to refinance just one of my two loans for my house?Liens attach to property based uon their recording date. If the $62,000 loan is your second mortgage it may be possible to refinance just that one if you have sufficient equity to do so. It sounds, however, like that may not be the case since you say to refinance both would have yo owing more against the property than it is worth.
A lot will depend on how long you hve had the second mortgage and what type of loan it is. If youn have had the second for more than a year and nothing has been disbursed on it since tha time yo may be elegible for a streamline refinance of both loans. Since no appraisal is required on a streamline that could work. Also, there is no qualificaiton required so that obstacle may not be an issue either.
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